| Show bill introduced to tax exempt miners washington D 0 representative charles 11 II russell ot of I 1 idaho d a I 1 0 introduced a bill that would continue premium luiu payments for metals necessary to ill the national defense arid and would exempt mining and petroleum companies from some borne income taxes this bill would create a new minerals resources division in tho the interior department and authorize the director to issue certificates 1 ates of exemption to com cariles and individuals prospect ing tor for minerals in mining tiling or si smelling smelting sm elting this certificate would relieve the company of the necessity for paying income taxes on mining operations until they had been fully reimbursed tor for all new capital expenditures including the expense of prospecting exploring arid and developing their finds the director also would be authorized zed to set up a system of conservation payments to bb borne by the the RF C would he be authorized to spend up to million whenever tha director of the new division found that the market price for any mineral was insufficient to encourage exploration and development I 1 the minerals tor for which these payments were made would ue be come the property of the tha government they would be turned over to the procurement division of the treasury which would reimburse the to the extent of the going market price these government stockpiles stock piles could be released leased le to industry whenever the president proclaimed that there was a shortage of any mineral tor for industrial purposes the premium price would not exceed the highest price pi ice including incentive subsidies paid by tile the government during tile the period 1942 19 I 1 24 2 46 4 6 inclusive unless the director of the new division do de tl toi rial mined ned that there were special factors justifying a higher payment western mineral survey |
